Who are Millennials, Generation X,Y,Z and Baby Boomers?
To enhance the representation of market research reports, Consumers are classified into three generations named as Millennial, Generation X, and Baby Boomers. Initially this classification was done by the US. But after that many countries are using the same representation occasionally.
Millennials are the group born between 1980 and 2000. They are the generation having the internet, smartphones, and social media with them. They are very comfortable with technology so they are the easiest target for E-commerce firms. Millennials are 2.5x more likely to be a near adopter of technology. These generations are loyal to the brand. They prefer to buy from people rather than corporations. So online stores have to come as a human to connect with them. These are some key points to make a connection with this generation-
- Response to customer service inquiries more quickly.
- Maintain a strong online reputation of the company.
- Create more relative market campaigns.
- Use social media power to enhance interest.
Generation X is the smallest generation, born between 1965 and 1980, and often referred to as the bridge between Millennials and Baby Boomers. Gen X’ers are now juggling childcare, homeownership, and reaching the peak of their careers. Gen Xers are busy! They’re dealing with children, paying mortgages and tuition, and working a LOT. They are more on par with technology adoption and use with millennial, and are more likely to be politically loyal throughout their lives than either of the other generations. These are some key points to make a connection with this generation-
- Email marketing is the best way to communicate with this generation
- Likely to buy a service or product that somehow benefits society or the environment.
- Give them a break package and coupons.
Baby Boomers were born between 1946 and 1964. The group still leaves and listens to voicemails. They are the most likely to misunderstand Facebook remarketing ads clogging up their Newsfeeds but still be receptive to direct marketing/sales tactics; they like to talk to real people. Boomers have the highest value as consumers in the market today! They spend the most money on each shopping trip, and as they are hitting retirement, they are more likely to splurge on items that aren’t on the grocery list. These are some key points to make a connection with this generation-
- Take Advantage of Brand Loyalty
- Cashback can be a bit of a commitment for these people
- They are also the least likely to read that long-form blog post; Baby Boomers report that the articles they like the most are only 300 words.